Robinhood’s stock hit record highs with its crypto token launch, but shares slid after OpenAI denied involvement, warning the tokens aren’t legitimate equity.

Aiming to democratize access to private markets, Robinhood’s move raised questions about approval and investor transparency.

Robinhood Markets Inc. shares fell after OpenAI advised caution to customers taking advantage of the brokerage’s offer for access to equity “tokens” for the closely held company led by Sam Altman.Most Read from BloombergNYC Commutes Resume After Midtown Bus Terminal Crash ChaosStruggling Downtowns Are Looking to Lure New CrowdsMassachusetts to Follow NYC in Making Landlords Pay Broker FeesForeign Buyers Swoop on Cape Town Homes,